~~Even though our profits in bitcoin are not guaranteed, there still can end up being some fun to develop various systems and to be able to see how we progress in our investment over a cycle or two or more.
Yes sir, the bitcoin growth journey is very good after I observed since it dropped to $15k two years ago. The opportunity for everyone at that time to buy at a cheap price, the opportunity can be fully utilized by those who press the buy button at that time. Time flies so fast, everything becomes history when the correction occurs suddenly at that time.
During times like that people get so scared, and they do the opposite of what they should be doing, and if you think about the matter, the bitcoin was below $25k for about 9 months, and there were a couple of months that the BTC price was between $15,500 and $18k, and so there were so many opportunities to buy for quite a long time during that period... But people got scared to buy and many folks were proclaiming that bitcoin might touch $10k or go below $10k.. and for sure starting to buy bitcoin (or to get more serious about it in 2022 would have had been a good thing in terms of later having been able to get BTC at prices that were never going to be reached again, yet there surely was uncertainty about whether the "bottom was in" all the way through most of 2023, and perhaps not until October 2023 that many folks started to feel more comfortable that perhaps the bottom was actually in.
Of course there is pleasure that can be taken from the routine journey of buying bitcoin, the greatest pleasure is getting the moment of buying at a cheap price. However, with that, for now the opportunity to start investing is also better, we don't know what the price will be in two years.
Yep. We never know for sure, and so we just do our best to attempt to prepare ourselves financially and psychologically for either direction at the same time, and some folks do not know how to prepare for either direction, yet if we practice investing into bitcoin we figure out how to balance our finances and our psychology in such a way that we are prepared for either price direction. I frequently suggest that if we prepare our finances, then the psychology will follow.
For beginners who are just starting to invest in bitcoin, of course, buy routinely with the DCA strategy, there is no need for a deeper approach because the approach about bitcoin will come by itself when you have reached the level of investment journey for the next 5 months.
The more time you employ your strategy, then the more your strategy and the amount of BTC that you are able to accumulate will help to inform you if you might want to tweak your strategy in one direction or another.
One thing to know, if the circulation of bitcoin is increasingly rare because many are holding it, the price will soar. It is not individuals who are currently hoarding more bitcoins but countries that have hoarded bitcoins in their strategic reserves such as El Salvador. So thinking about the price is not the right time but buying directly or today in starting an investment. eliminate bad feelings, negative thoughts and stay away from social media if you are just starting to invest in bitcoin, this is to prevent your mentality from falling if you do not have a strong Mentality.
Buy and hold, buy in dips hold. Buy aggressively of course all hold until the time stage that we determine in the investment that we plan.
Yep.. it is true that more and more institutions, governments and status quo rich people are finding out about bitcoin and accumulating large quantities of bitcoin, which will continue to put upwards pressures on the BTC price, and so it is good for normal peeps to stay focused and try to get as much bitcoin as they are able to get within their own financial circumstances... which surely can take a while and the BTC price may well continue to go up during the process of accumulation, which many normal people may well have to spend more than 10 years accumulating bitcoin before they start to feel really comfortable about the BTC stash that they accumulated, even though some poor persons might never be able to get more than 0.21 BTC, but they can work on getting however much they are able to get within their financial abilities.
I have gotten some nice knowledge concerning bitcoin investment in this thread and am still learning in the process 700 pages of bitcoin knowledge and still counting all thanks to JJG and other reputable fellow in this thread.
If you are a HODLer keep buying and hodling bitcoin if you are still procastinating on when to buy you can buy today if you have your discretionary income already starting buying and HODL you can begin with little amount and gradually increase according to the level of your discretionary using the DCA strategy.
Just buy bitcoin and HODL in summary.
Having what it takes to buy and hold is a different thing from not having what it takes to invest in Bitcoin, there are individual who has the money and all takes to invest in Bitcoin but they keep on procrastinating and these category of people I see them as unserious people because anyone who has all these... And is still procrastinating even if the person eventually start, they can not maintain their investment or hold for long because their knowledge or understand about Bitcoin is so myopic. In Bitcoin investment though having a discretionary income is good but
it is not compulsory that you must have a discretionary income before you can be able to invest, you can actually start and make sure to set everything in order so that you don't get choked up and the truth is you can not have everything ready before investing but along the line things well fall into their right places and you can even increase your initial amount.
I totally disagree with you on this, your investment in bitcoin should be coming from your discretionary income so that you won't need to dip hands into your bitcoin investment and also to be able to hold for 4 to 10yrs or longer as per your investment time line. So it will be wrong to invest an amount that will make you not be able to cover up your expenses.
I usually agree with this but at some point I have come to realise how much important investments is to me as a young man hence making investment seems to come first before another thing perhaps I would have to allocate a good percentage of my income into investment and whatever remains I would use to pay for my expenses however my personal expenses are not yet bigger than I can afford and I also still receive stipends from parents hence I seems to have come to the conclusion that discretionary income will only come to play when you have gotten a certain level of responsibility. Just my opinion.
You are largely spoiled if you do not have expenses. So all (or very close to all) of the income that you get is discretionary income. In normal circumstances, you have to account for your expenses first, and whatever is left after you have accounted for expenses is discretionary income.
I totally disagree with you on this, your investment in bitcoin should be coming from your discretionary income so that you won't need to dip hands into your bitcoin investment and also to be able to hold for 4 to 10yrs or longer as per your investment time line. So it will be wrong to invest an amount that will make you not be able to cover up your expenses.
I usually agree with this but at some point I have come to realise how much important investments is to me as a young man hence making investment seems to come first before another thing perhaps I would have to allocate a good percentage of my income into investment and whatever remains I would use to pay for my expenses however my personal expenses are not yet bigger than I can afford and I also still receive stipends from parents hence I seems to have come to the conclusion that discretionary income will only come to play when you have gotten a certain level of responsibility. Just my opinion.
Yeah that should be the ideal thing to do but since we are past on our younger self I guess we can still do it whatever age group we are on. Since somehow we have aim timeline that's why people should not think about age since they can still buy and invest Bitcoin now.
As long as they are capable to buy and understand what Bitcoin is then they are good to go. What actually people need to do is to start and for sure everything according to what they plan would follow.
Our income flow plays vital role and we better do good decisions so that there would be no regrets will come in future. So invest on Bitcoin and save for better future.
Of course, young folks if they do not have a job, they may well need to spend time, energy and money to train themselves so that they have an income. Of course, if they are trying to continue to build their bitcoin investment in order to get it to a large enough size that they can live off of their bitcoin investment, then they still have to spend some time getting their bitcoin to a sufficiently large size, since if they start to spend it too prematurely they will end up being a low coiner or a no coiner, and since they are still young then they have to start over accumulating bitcoin, which would be dumb to sell your bitcoin too soon, since you likely want to keep building your bitcoin to get it to a size where you can start to live off of it and not have to work, except that if you are young and dumb, you might end up cashing out way too soon and fail to calculate how to make a system of sustainable withdrawal including that perhaps you are going to want to upgrade your standard of living too. So as a young person you might have several things that you need to learn and you might not even know all of the things that you need to learn until you explore for a bit and perhaps even get into some careers..and perhaps trying to find a career that is suitable and comfortable to you without having to sell any of your BTC until later down the road when you are actually ready and have built your stack (stash) up to a high enough level..